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Costlier loans see flat sales dip 20-25%

Expensive loans to decrease flat rates

Apnaloan.com Research Bureau

10 Aug 2007

Mumbai: Rising interest rates are finally beginning to slow
down the real estate business in Mumbai. There is no clear consensus on the
extent of the impact, but developers have recorded a progressive drop of
20-25% in the sales of residential apartments over the past two to three
months.

"If builders were selling 100 flats a month earlier, the
figure has now come down to about 80 on an average," a property consultant
told TOI. According to some, those who were planning to buy high-end
properties seem to have deferred their decision. "But soon, with EMIs
increasing, the middle- and lower-level segments too will be affected," said J
S Augustine, corporate advisor, Acme Group.

The downward trend began in January when banks began hiking
their interest rates, and since then, bookings have continued to drop with
every rate hike announced. Most buyers are putting off their decisions in the
hope that rates will decline, say, after six months.

But some builders say the drop could also be partly
attributed to the fact that this is traditionally a slack season. Mulund-based
builder Dharmash Jain said, "Traditionally, sales are sluggish in the
February-March period because of the school and college examinations. April
will be the month to watch out for when sales generally pick up."

But there is a fear that persistent rate hikes have already
reduced options for middle-class buyers looking for a house in Mumbai or its
outskirts. With every percentage point increase, equated monthly instalments
are bound to rise and thus reduce the ability of a potential loan-seeker to
repay a huge loan.

What's worse, even existing loan account holders are finding
it tough to hang on as EMIs threaten to upset their monthly budgets. "I have
clients who have been forced to cut down their expenses and investments
because their EMI has gone up considerably in the last one year," said a
financial advisor.